GLENDALE, Ariz., Sept. 8 (UPI) -- The city of Glendale, Ariz., hopes to negotiate a deal with a Chicago businessman that would keep the Phoenix Coyotes in the region, officials say.

The city council got a progress report Tuesday on talks with Matthew Hulsizer, founder and chief executive officer of the options trading firm PLAK6 Investments, The Arizona Republic reported. Councilman Manny Martinez told the newspaper the negotiations were proceeding more slowly than some officials hoped.

The National Hockey League acquired the team last year after its previous owner declared the Coyotes bankrupt. The team, formerly the Winnipeg Jets, moved to the Phoenix area in 1996.

The NHL has given Glendale a Dec. 31 deadline to strike a deal with a potential owner with the possibility the Coyotes could move elsewhere if no agreement is in place. The city owns Jobing.com Stadium and leases it to the Coyotes.

Glendale officials have offered to pay up to $25 million to cover losses in a new owner's first season, while telling taxpayers the money would eventually be repaid.